Sean P. Newth Sells 261 Shares of State Street Corporation (STT) Stock
State Street Corporation (NYSE:STT) CAO Sean P. Newth sold 261 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.84, for a total transaction of $24,492.24. Following the completion of the transaction, the chief accounting officer now directly owns 11,750 shares in the company, valued at $1,102,620. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
State Street Corporation (STT) traded down 1.34% during midday trading on Thursday, reaching $91.79. 1,877,262 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $92.34 and a 200 day moving average price of $84.04. The company has a market cap of $34.33 billion, a price-to-earnings ratio of 16.95 and a beta of 1.30. State Street Corporation has a 52 week low of $67.55 and a 52 week high of $96.26.
State Street Corporation (NYSE:STT) last released its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. State Street Corporation’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.46 EPS. Analysts anticipate that State Street Corporation will post $6.15 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 29th. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.83%. State Street Corporation’s payout ratio is currently 28.15%.
State Street Corporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to buyback $1.40 billion in outstanding shares. This buyback authorization permits the asset manager to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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STT has been the topic of a number of research reports. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Tuesday, July 11th. Buckingham Research reaffirmed a “buy” rating and issued a $107.00 price target (up from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. BidaskClub raised shares of State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Bank of America Corporation reissued a “neutral” rating and set a $88.00 target price on shares of State Street Corporation in a research report on Friday, May 26th. Finally, Keefe, Bruyette & Woods set a $88.00 target price on shares of State Street Corporation and gave the stock a “hold” rating in a research report on Saturday, July 1st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $90.18.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Beaton Management Co. Inc. purchased a new position in State Street Corporation during the second quarter valued at $1,585,000. Dynamic Technology Lab Private Ltd purchased a new position in State Street Corporation during the second quarter valued at $616,000. Colony Group LLC raised its position in State Street Corporation by 12.8% in the second quarter. Colony Group LLC now owns 6,835 shares of the asset manager’s stock valued at $613,000 after buying an additional 774 shares in the last quarter. BB&T Investment Services Inc. purchased a new position in State Street Corporation during the second quarter valued at $1,625,000. Finally, Nomura Holdings Inc. purchased a new position in State Street Corporation during the second quarter valued at $3,042,000. Institutional investors own 88.64% of the company’s stock.
State Street Corporation Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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